Over the last couple of years I’ve been tracking foreclosure activity in Greensboro. At first, foreclosures were, while not unheard of in Greensboro, were rather few and far between. As a matter of fact, up until late 2008, our MLS didn’t have a designation for when a property was listed as a foreclosure sale. I, along with everyone else, had hoped that the real estate market and economy was experiencing a momentary, if jarring, correction.
Well, if hopes were calorie-free pizza, we’d all be skinnier.
Not only are foreclosed properties and the impact that have on communities and the real estate market here for a while, they’re becoming commonplace. Over the last twelve weeks in Greensboro, about 18% of all properties listed have been foreclosures.* That’s a lot.
Comparing the numbers to a year ago and even two years ago shows that the trend isn’t improving. It’s actually going in the wrong direction. For instance, this week last year there were 6 new foreclosure listings in Greensboro. The year before that, 12.
This year there were 16.
And the rolling 12-week totals, what I believe to be a better indicator of things, doesn’t provide a rosier picture. There were in deed many more foreclosures listed in the 12 weeks leading up to this time in 2009 (293) than this year (178) but this is more than last year (166). And it must be remembered that in 2009, these properties were just beginning to hit the market. 
In the early and last quarter 2010, there were halts to new listings while either the banks were trying to catch their breath or, later, trying to get their ducks in a row. All indications are that foreclosures are going to be coming online steadily for the next couple of years.
Alas, hoping things were different won’t make them so. Hunkering down is about all we can do.
Although pizza can sometimes help.
More graphs for those who can't get enough of them:
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* All data from Triad Multiple Listing Service (MLS) as of September 29, 2010, and is only as good as the information entered, which is done by humans, who make errors. The information is only for those residential zip codes for Greensboro and does not include the surrounding communities.
